The initial public offering (IPO) of PN Gadgil Jewellers Ltd, a prominent Maharashtra-based jewellery retail chain, has garnered substantial interest from investors, with the issue being subscribed 2.23 times by the second day of bidding. As of Wednesday, the IPO received bids for 3,77,37,757 shares, significantly surpassing the 1,68,85,964 shares available for subscription, according to data from the NSE.

The Rs1,100 crore IPO, which opened on September 10 and will close on September 12, has seen considerable traction from both institutional and retail investors. Prior to the IPO launch, PN Gadgil Jewellers raised Rs330 crore from anchor investors, further boosting confidence in the offering.

The price band for the IPO is set between Rs456 and Rs480 per share, with a fresh issue of shares worth Rs850 crore and an offer for sale (OFS) of Rs250 crore by promoter SVG Business Trust. The latter currently holds a 99.9% stake in the company. 

Strategic Utilization of Funds
PN Gadgil Jewellers plans to use Rs393 crore of the funds raised to expand its retail footprint by establishing 12 new stores across Maharashtra. An additional Rs300 crore will be directed towards repaying outstanding debt, while the remainder will go towards general corporate purposes.

Company Overview
Founded as a legacy brand, PN Gadgil Jewellers has a strong presence in Maharashtra, offering a wide range of precious metal jewellery under its flagship brand, 'PNG', as well as several sub-brands. The company holds the distinction of being the second-largest organized jewellery player in the state and has achieved the second-highest EBITDA growth among major organized jewellery companies in India.